Hyundai Motor India makes debut at 1.48% below issue price

22 Oct 2024 , 09:53 AM

The shares of Hyundai Motor India Ltd make discounted debut on Dalal Street.  The shares of the company listed at ₹1934 on NSE, below 1.33% from the issue price of ₹1960 and at ₹1931 on BSE, 1.48% lower than the issue price.

The ₹27,870.16 crore initial public offer of Hyundai India Limited has received moderate number of subscription from all investor classes. The issue has been subscribed 2.37 times overall with highest number of subscription received from qualified institutional investors’ who bid for 6.97 times of the reserved quota. Meanwhile, the quota reserved for non-institutional investors (NII) and retail investors remains undersubscribed with 0.60 times and 0.50 times respectively.

The company has also reserved a portion for its employees which was subscribed 1.74 times till the last day.

India’s second largest carmaker Hyundai Motors India’s public offering was opened for subscription on October 15 and concluded on October 17. The company has offered its shares at a price band of ₹1865-1960 apiece to raise ₹27,870.16 crore, making it India’s biggest IPO. Investors were allowed to bid for a minimum 7 shares in a lot and its multiples thereof.

The Hyundai Motor India IPO is an offer for sale, meaning Hyundai Motor Company will be the sole recipient of the funds raised.

Kotak Mahindra Capital Company, Citigroup Global Markets India, HSBC Securities & Capital Markets, JP Morgan India and Morgan Stanley India Company were the book running lead managers (BRLM) of the IPO.

Hyundai Motor India has demonstrated its financial strength, reporting impressive results for the fiscal year 2023-24. Net profit increased by 28.7% year-on-year to ₹6,060 crore, while revenue surged 15.8% to ₹69,829 crore. The company’s momentum continued into the first quarter of FY25, with revenue growing by 4.3% to ₹17,344.2 crore.